Multiple wildfires, including the Palisades Fire and Eaton Fire, are raging across Southern California Thursday, leaving at least 10 dead and burning more than 27,000 acres, officials say. Police have arrested 20 suspected looters.

Firefighters are making progress slowing the major fires in the Los Angeles area that have killed five people, ravaged communities from the Pacific Coast to Pasadena and caused thousands of people to flee their homes.

The damage is expected to far exceed the $16 billion in economic losses from Maui's wildfires two years ago. Weather now accounts for almost all of the $320 billion in annual natural catastrophe damages worldwide.

An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

A preliminary report by Accuweather estimated the cost of the wildfires ravaging L.A. County at more than $50 billion, a total that would make it one of the costliest natural disasters in recent U.S.